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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Razorbak who wrote (56093)12/9/1999 11:59:00 AM
From: Razorbak   of 95453
 
RRC Dividend Suspension

Wednesday December 8, 6:07 pm Eastern Time

Company Press Release

Range Suspends Common Dividends

FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 8, 1999--Range Resources Corporation (NYSE:RRC - news) announced today that it had suspended its common dividend.

Simultaneously, Range declared its regular dividend on its $2.03 convertible preferred stock at the rate of 50.75 cents per share. The preferred dividend has been declared to holders of record on December 17 and will be paid on December 31, 1999.

Commenting on the announcement, John H. Pinkerton, Range's President and CEO, said ''While we regret suspending our common dividend, we believe retaining these funds will contribute to our effort to continue to reduce debt and strengthen our financial position. The decision is one more piece of an overall effort to reduce costs and conserve capital.''

Range Resources Corporation is an independent oil and gas company operating in the Permian, Midcontinent, Appalachian and Gulf Coast regions of the United States.

--------------------------------------------------------------------------------
Contact:

Range Resources Corporation
Rodney Waller/Jennifer Hensley, 817/870-2601
www.rangeresources.com
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